Executive Summary
Chronicle launched its Verified Asset Oracle, an oracle designed for RWAs, with an initial integration with M0's universal stablecoin platform. M0 launched a decentralized protocol for issuing a new digital dollar building block called $M.
What is $M?
- $M is a stablecoin building block issued by approved Minters who deposit RWA collateral in secure storage.
- $M is backed by a hyper-transparent basket of US treasuries and allows builders to extend it into their own safe, programmable, interoperable stablecoin.
- With M0, builders can create their own stablecoins by extending $M and customize attributes such as branding, compliance behaviors, and yield distribution mechanics. By extending $M into their own stablecoin, businesses can monetize their digital dollar use cases and maintain control over their money tech stack, while not being burdened by operational heavy-lifting.
“By combining Chronicle’s onchain, real-time collateral verification with M0’s modular framework, builders can fully eliminate unbacked issuance risk while rapidly deploying bespoke stablecoins—enabling transparent, customizable digital dollars to scale with confidence”. - Greg Di Prisco, Co-Founder & Chief Architect of M0
Chronicle's Role
Chronicle makes sure $M is fully backed, transparent, and secure by:
- Acting as an independent validator, verifying the presence, quality and value of offchain collateral (currently U.S. T-bills) used to issue $M.
- Chronicle provides real-time verifiable data ensuring that every $M token is backed by real-world, legitimate assets.
- Chronicle generates digital signatures confirming verified collateral – which are required before new $M tokens can be issued.
Chronicle ensures that users and institutions have trust in the $M, thanks to a system that prevents unbacked issuance of digital dollars – all in a manner that can scale a rapidly increasing value of onchain assets.
As Niklas Kunkel, Founder of Chronicle Labs, explains:
“Chronicle VAO (Verified Asset Oracle) provides real-time proof of reserve attestations to bring institutional-grade trust to tokenized assets. VAO gives M0 the ability to prove solvency continuously—protecting users and setting new standards for transparency and compliance.”
Why did M0 entrust Chronicle with this critical task? Chronicle has secured up to $22 billion in assets for Sky (formerly MakerDAO) since 2017 – and was the first oracle on Ethereum. Chronicle developed Scribe, an innovative and efficient Oracle technology for secure and optimized delivery. Chronicle powers protocols including SkyEcosystem, Spark, Morpho, Dolomite, Euler, Stakestone, Superstate, and Centrifuge.
Today, over $220M in $M has been minted — with $228M+ in collateral backing it. Users can check the M0 dashboard for real-time insights.
Looking Ahead
For the digital finance revolution to truly take hold, there needs to be the infrastructure that supports that transformation and ensures assets are secure and transparent. Through this collaboration, Chronicle and M0 are helping lay the groundwork for a more secure, resilient, and transparent financial system.
